Wealthy individuals and families from across Asia continue to gravitate towards Singapore when it comes to establishing private wealth management advisory firms for investment management, financial planning, tax, estate planning, and lifestyle services.

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According to family office data vendor Dakota, Singapore’s single-family office universe has expanded exponentially since the start of the decade, from around 400 in 2020 to more than 2,000 – a trend it describes as one of the fastest wealth migrations in modern history.

Singapore’s Strategic Advantages

A combination of geopolitical uncertainty in traditional wealth centres and proactive courtship of family offices through tailored tax incentives and regulatory frameworks (including the introduction of the variable capital company, or VCC, structure) has positioned Singapore as the de facto family office capital of Asia.

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Family offices remain highly popular among global high-net-worth and ultra-high-net-worth families choosing Singapore as their primary wealth hub Hub A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method A hub as its name suggests describes the center of activity or a focal point. In terms of finance, the term hub can refer to Hub and Spoke Trading or a liquidity hub. However, the terms are not interchangeable, but they do overlap. Hub and Spoke trading refer to a network that posts bids and offers for an asset and therefore creates a real market. For example, Hub and Spoke trading allow traders to see the other submissions and offers from other traders on the platform. This is a popular method Read this Term due to its reputation for safety, governance, and tax efficiency, observes Dion Yee, commercial director in Singapore for Ocorian.

Purpose of Family Offices

“Families typically establish family offices to bring greater structure, control, and long-term focus to the management of their wealth,” she explains. “This often includes centralising oversight of investment portfolios across asset classes and geographies, as well as putting in place governance frameworks to support succession planning and intergenerational wealth transfer.”

She adds that single-family offices continue to dominate the landscape in Singapore, largely driven by ultra-high-net-worth families seeking greater control, privacy, and tailored governance structures.

“Multi-family offices are present but fewer in number, typically serving multiple families through more institutionalised platforms,” says Yee.

Regional and Global Appeal

There has been tremendous growth in family office development in Singapore over the last decade – not just for Singapore-based families, but for ultra-high-net-worth families across the region and even globally, who appreciate Singapore’s political stability, rule of law, and access to professional and financial services.

The rising demand for family offices for wealth and investment management solutions is a clear sign of the rising prosperity and opportunities in Singapore and across ASEAN.

Insights from UOB Private Bank

That is the view of Angela Koh, head of wealth planning and family office advisory services at UOB Private Bank, who refers to the bank’s 2025 Asia generational wealth report to underline the further potential for family office growth in Singapore and across Asia.

“We found that Asia’s wealth landscape is expected to reach $99 trillion by 2029,” she says. “With the volume of wealth created over the last three decades, families are finding the need for a more centralised, organised, and professional arrangement to manage their wealth.”

Complexity Requires Professional Management

The complexity of the business and regulatory environment further necessitates specific skill sets to deal with various wealth management functions, and families have found that it is no longer sufficient for family members or business employees to be roped in to oversee the management of their private wealth.

Demand for family offices has grown as it provides a dedicated operating platform that integrates investments, governance, and succession, and the operation of each entity is tailored to the specific needs of the family, adds Koh.

“A board comprising carefully selected family members and professionals is focused on executing the long-term strategies anchored by the family’s values and purpose,” she explains. “These families see the value in building proficient and trusted teams to manage the wealth built from their businesses.

A family office can also be an effective solution to navigate through impending challenges of succession planning or inheritance, as it manages a family’s private wealth and diverse business ownerships centrally.”

Single-Family vs. Multi-Family Offices

It has been suggested that multi-family offices are gaining traction at the expense of single-family offices, as ultra-wealthy families seek to minimise regulatory complexity and gain access to more sophisticated investment strategies. However, the reality is more nuanced, according to Yee.

“There is growing interest in multi-family offices, but not necessarily at the expense of their single-family counterparts,” she says. “Both models are expanding, albeit for different reasons. Multi-family offices can offer access to shared infrastructure, broader investment expertise, and support with regulatory and operational complexity, making them attractive to families looking for a more outsourced approach.”

At the same time, single-family office growth remains strong, particularly among ultra-high-net-worth families who prioritise control, confidentiality, and bespoke governance, adds Yee.

Leveraging Expertise and Talent

Koh observes that until relatively recently, there were more single-family offices helmed mainly by family members. Now she sees a greater willingness to leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term the expertise and breadth of skill sets of multi-family office setups, particularly among clients seeking professional management of investment and administrative responsibilities.

She suggests there are two main reasons for this, the first of which is the ability to access a wider pool of qualified and experienced professionals.

“Single-family offices often do not have clear roles and human resources policies to attract such talent, while multi-family office structures remove the need to directly manage the costs and challenges associated with hiring and retaining these talents,” says Koh.

Most single-family offices have small and dedicated teams that may not possess the breadth of experience and expertise required to manage diverse functions as business wealth grows. In contrast, shared platforms allow ultra-high-net-worth families to access broader, more specialised resources and knowledge.

Access to a diverse team of investment professionals specialising in different asset classes across multiple jurisdictions also provides a significant advantage.

“Secondly, the growing demand for multi-family office platforms is due to the increasing complexity of cross-border regulatory and reporting requirements for various investments, diversified holding structures, and varying tax regimes faced by asset owners and controllers,” says Koh.

She notes that maintaining a family office involves operational experience, compliance, and regulatory oversight, and that families tend to underestimate the importance of these being in place for family offices to effectively function.

“Without scale, investing into a single-family office may not make economic sense, so families may decide that they are better off outsourcing most or all of these functions through multi-family office structures,” concludes Koh.